"It is intolerable that scarce taxpayers' money is being continuously poured into a bank that will never lend a red cent to business and will form no part of Ireland's economic recovery," Bruton said.

"It is now critical that NAMA ceases purchasing loans from Anglo, because as the losses on these loans crystallise the need to pour more capital into the bank arises, merely adding to the problem and tightening the noose around the already overburdened taxpayers' necks.

"As was stated by Anglo chief executive Mike Aynsley, the 'lion's share' of the money being put into Anglo would 'never be seen again' and it would 'end up in a black hole'. That represents a depressing reality for the taxpayer, who is being subjected to increased energy charges, multiple levies and a Government that has no jobs plan," he said.

Labour's finance spokeswoman Joan Burton said Anglo had become the "hole that keeps on growing".

"It's taxpayers who are on the hook for these vast sums of money," she stressed. "It's a bottomless pit that keeps getting deeper.

These are just vast sums of money and an honest and independent assessment of the bank is urgently needed."